Greeks Just Voted Against Austerity. Here’s Why They’re Right.

On Sunday, Greeks overwhelmingly voted against a European deal to extend financing to the country’s banks that would have required more harsh austerity measures on the part of the government. Prime Minister Alexis Tsipras, who came to power in large part on a promise to reject more austerity measures, had called the referendum to get more bargaining power in the dealmaking process. Greeks rejoiced at the news of the vote.

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